Do you know that you may be able to get a lower interest rate for the balance on your credit card by a simple telephone call to the lender that issued your card?

This call may not even last more than five minutes. A national survey had found that more than half of consumers who have requested for a reduction in their rates were successful. On top of that, the result was that the annual percentage rate on their credit cards decreased by 10.47 to 16 percent, on the average.

The main reason that credit card issuers may agree to have your interest rate reduced is the tough competition in this industry. As long as you are a good customer, the card company would like to continue to provide you with their services. It costs them several hundred dollars to win a new customer and if they can really decrease their rates because of lower prevailing interest rates, they would be willing to do that just to avoid losing you as a customer.

Just remember that you should not have any late payments and you have a good credit score. You should not also have a substantial balance in your credit card and you should normally pay more than the minimum payment every month.

The script for the telephone is quite simple and the key issue here is to inform the credit card issuer that you have been a good customer for several years and that you have found out that other companies are offering lower interest rates. If you are bold enough, you may threaten to transfer your balance to another company if they do not approve your request. And if your request is denied, simply do it again a few days later because sometimes it would depend on the customer representative whom you were able to contact.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.